Fidelity National Financial, Inc. (FNF) Downgraded by Zacks Investment Research
Zacks Investment Research downgraded shares of Fidelity National Financial, Inc. (NYSE:FNF) from a buy rating to a hold rating in a research report released on Tuesday.
According to Zacks, “Fidelity National Title Group, Inc. is a leading provider of title insurance, specialty insurance and claims management services. FNT is one of the nation’s largest title insurance companies through its title insurance underwriters. FNT also provides flood insurance, personal lines insurance and home warranty insurance through it specialty insurance business. FNT also is a leading provider of outsourced claims management services to large corporate and public sector entities through its minority-owned subsidiary, Sedgwick CMS. “
Several other brokerages also recently commented on FNF. Piper Jaffray Companies reissued a buy rating and issued a $48.00 price objective on shares of Fidelity National Financial in a research note on Friday, July 14th. Barclays PLC increased their price objective on shares of Fidelity National Financial from $48.00 to $49.00 and gave the company an overweight rating in a research note on Monday, July 3rd. Finally, Monness Crespi & Hardt increased their price objective on shares of Fidelity National Financial from $42.00 to $45.00 and gave the company a buy rating in a research note on Friday, May 5th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The company has a consensus rating of Buy and an average price target of $46.60.
Fidelity National Financial (NYSE:FNF) opened at 48.24 on Tuesday. The company has a market cap of $13.16 billion, a PE ratio of 21.04 and a beta of 0.95. Fidelity National Financial has a 52-week low of $31.64 and a 52-week high of $49.37. The company has a 50-day moving average of $47.47 and a 200 day moving average of $42.36.
Fidelity National Financial (NYSE:FNF) last issued its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.75 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.03. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.14 billion. Fidelity National Financial had a net margin of 7.49% and a return on equity of 10.41%. The firm’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.74 EPS. Equities research analysts predict that Fidelity National Financial will post $2.55 EPS for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.07%. The ex-dividend date is Thursday, September 14th. Fidelity National Financial’s payout ratio is currently 43.67%.
In other news, EVP Peter T. Sadowski sold 133,215 shares of the firm’s stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $47.53, for a total transaction of $6,331,708.95. Following the completion of the transaction, the executive vice president now owns 89,575 shares of the company’s stock, valued at $4,257,499.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brent B. Bickett sold 58,896 shares of the firm’s stock in a transaction on Wednesday, June 28th. The shares were sold at an average price of $44.77, for a total transaction of $2,636,773.92. Following the transaction, the insider now directly owns 562,658 shares of the company’s stock, valued at approximately $25,190,198.66. The disclosure for this sale can be found here. 5.00% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in FNF. Fiduciary Trust Co. acquired a new position in Fidelity National Financial during the second quarter valued at about $137,000. Northwestern Mutual Wealth Management Co. increased its position in Fidelity National Financial by 3,739.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,417 shares of the financial services provider’s stock valued at $153,000 after buying an additional 3,328 shares during the last quarter. Bronfman E.L. Rothschild L.P. increased its position in Fidelity National Financial by 3.9% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 3,467 shares of the financial services provider’s stock valued at $155,000 after buying an additional 131 shares during the last quarter. FTB Advisors Inc. increased its position in Fidelity National Financial by 234.3% in the first quarter. FTB Advisors Inc. now owns 3,891 shares of the financial services provider’s stock valued at $159,000 after buying an additional 2,727 shares during the last quarter. Finally, King Luther Capital Management Corp acquired a new position in Fidelity National Financial during the first quarter valued at about $204,000. 84.88% of the stock is owned by hedge funds and other institutional investors.
About Fidelity National Financial
Fidelity National Financial, Inc (FNF) is a holding company. FNF, through its subsidiaries, provides title insurance, mortgage services and diversified services. FNF operates in four segments: Fidelity National Title Group, Remy, Restaurant Group and Corporate and Other. The Fidelity National Title Group segment consists of the operations of FNF’s title insurance underwriters and related businesses.
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